Saudi Arabia's King Abdullah has doubled the capital of the Saudi Industrial Development Fund (SIDF) to 40 billion riyals ($10.7 billion) from 20 billion riyals in an effort to develop industry in the world's biggest oil exporter, its chairman Abdulrahman al-Hamidy said late on Tuesday.
The SIDF is a government-affiliated fund which grants medium- and long-term loans for private industrial projects.
"The fund started with a capital of 500 million riyals ... During the reign of King Abdullah it was raised to 20 billion in 2005 ... And now the king has approved doubling it to 40 billion riyals," al-Hamidy said in remarks published by the Saudi Press Agency.T.
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